Henderson raises €230m for German logistics

Henderson and its German partner Palmira Capital Partners have collected the equity from German and Austrian institutions for their jointly managed German Logistics Fund spezialfonds.

Henderson Global Investors has raised approximately €230 million of equity for a second spezialfonds intended to facilitate investments in German institutional properties.

The London-based firm, which manages about £12.7 billion (€15 billion; $20.3 billion) of assets worldwide, and its German partner Palmira Capital Partners, said the capital was raised from German and Austrian institutional investors.

The total is just shy of the €250 million targeted when the two firms launched their fundraising effort last July.

With gearing included, the partners expect to be able to deploy €350 million in total through their jointly managed fund German Logistics Fund. Investments are anticipated to generate an 8 percent return a year.

The firms aim to acquire logistics assets in “top locations with a high degree of tenant flexibility.” They said that six assets had already been acquired including in Bad Dürkheim, Bruchsal and Winsen an der Luhe. Further assets are in due diligence.

Thorsten Kiel, manager of the fund, said: “The fund has been so well received by investors who recognize the opportunity for significant performance in this niche but maturing asset class. It’s central location, first class infrastructure, affluent population and export–orientated [remove spaces] economy make Germany one of the leading global logistic locations.”